LeBron: I'm going back to the Cavs

The four-time league MVP told SI.com on Friday that he is returning to the Cleveland Cavaliers. Sources told ESPN The Magazine's Chris Broussard the deal is expected to be four years for the maximum of $88 million.

"My relationship with Northeast Ohio is bigger than basketball," James told SI.com in a first-person essay. "I didn't realize that four years ago. I do now."

For James, it marks a complete turnaround from his original free-agent decision in 2010, when he bolted Cleveland for the Miami Heat, creating a Big Three with Dwyane Wade and Chris Bosh that went on to win two NBA titles in their four years together.

"The hardest thing to leave is what I built with those guys," James said. "I've talked to some of them and will talk to others. Nothing will ever change what we accomplished."

James informed Wade of his decision, sources told ESPN.com's Brian Windhorst. Bosh, who is out of the country, was informed through his agent, sources said.

The Heat were in the mix for James again this time around. Team president Pat Riley traveled to Las Vegas to meet with James on Wednesday in an attempt to lure him back to Miami after the All-Star opted out of his contract following the team's NBA Finals loss to the San Antonio Spurs.

But James said no to Riley and the Heat, instead choosing a Cleveland team that picked him No. 1 overall in the 2003 draft out of St. Vincent-St. Mary, where he starred as a high school player in his native Akron, Ohio.

"Before anyone ever cared where I would play basketball, I was a kid from Northeast Ohio. It's where I walked," James told SI.com. "It's where I ran. It's where I cried. It's where I bled. It holds a special place in my heart. People there have seen me grow up. I sometimes feel like I'm their son. Their passion can be overwhelming. But it drives me. I want to give them hope when I can. I want to inspire them when I can."

James spoke with Heat president Pat Riley and owner Micky Arison Friday morning on the phone before James' first-person essay was posted, sources said. ESPN.com reported incorrectly earlier that the Heat did not know of the decision until it was posted and were not expecting it. The Heat had left their meeting with James earlier this week in Las Vegas feeling good about their chances to retain him, even if it was on a short-term deal.

"I'm not having a press conference or a party," James said in his essay. "After this, it's time to get to work."

The decision certainly was cause for celebration in Cleveland, however. The Cavaliers have been mired in four losing seasons since their trip to the Eastern Conference semifinals in 2010, James' last year with the team.

The Cavs had all but sold out of season tickets less than eight hours after James' announcement.

A team source confirmed to ESPN.com that the Cavaliers capped season-ticket sales at slightly more than 12,000 tickets Friday, leaving roughly 8,000 tickets per game to be used for group sales and ticket plans.

ESPN.com's Darren Rovell reported that the Cavaliers have confirmed they are not raising season-ticket prices in the wake of the news. The team sold $1 million in ticket sales Wednesday on speculation alone, a source told Rovell.

Duke coach Mike Krzyzewski, who saw James earlier this week at the LeBron James Skills Academy basketball camp, also commented.

"LeBron has a huge heart,'' Krzyzewski told ESPN.com's Andy Katz. "This decision is a great decision for him because he's following his heart and he loves his home."

Nike, James' biggest endorser, released a statement that said: "Like basketball fans around the globe, we are excited to support one of the world's greatest athletes as he enters the next chapter of his career. We look forward to seeing LeBron step back on the court in Cleveland."

In the days leading up to LeBron's decision, much was made of the infamous letter that Cavaliers owner Dan Gilbert had issued in the wake of James' departure in 2010, calling James a "coward" for leaving. James addressed the letter in his essay.

"I've met with Dan, face-to-face, man-to-man. We've talked it out," James said. "Everybody makes mistakes. I've made mistakes as well. Who am I to hold a grudge?"

Gilbert weighed in himself on Twitter minutes after James' announcement.

Welcome Home @kingjames. I am excited for the fans and people of Cleveland and Ohio. No fans and people deserve a winner more than them.....

Riley issued a statement Friday evening, saying: "While I am disappointed by LeBron's decision to leave Miami, no one can fault another person for wanting to return home. The last four years have been an incredible run for South Florida, HEAT fans, our organization and for all of the players who were a part of it. LeBron is a fantastic leader, athlete, teammate and person, and we are all sorry to see him go."

James, Bosh and Wade all exercised options in their contracts to become free agents this summer, but the thinking was that they would redo their deals to give the team financial flexibility in an effort to upgrade the roster.

Now, the future is uncertain in Miami. Sources confirmed to ESPN.com that Bosh is finalizing an agreement to return to the Heat on a five-year, $118 million deal after weighing a maximum-contract offer from the Houston Rockets. The team also is making a push to re-sign Wade. Aside from Bosh and Wade, the Heat currently have just four players who will be under guaranteed contract for next season.

James has spoken with former Heat teammate and free-agent forward Mike Miller about joining him in Cleveland, a source told ESPN.com's Brian Windhorst.

James spent seven seasons with the Cavaliers, averaging 27.8 points, 7.2 rebounds and 6.9 assists and leading them in 2007 to the NBA Finals, where they lost to the Spurs. The goal for him now will be to get there again with a Cleveland team that boasts All-Star point guard Kyrie Irving and former Kansas star Andrew Wiggins, the No. 1 pick in last month's NBA draft.

Of Irving and James, Krzyzewski told Katz: "That will be a great, great duo ... LeBron is a brilliant player and Kyrie is really smart, two players with great knowledge of the game and understanding of the game."

James said he knows how hard it is to win a championship and that he is "realistic" about the team's hopes next season -- but optimistic.

"My patience will get tested. I know that," James said. "I'm going into a situation with a young team and a new coach. I will be the old head. But I get a thrill out of bringing a group together and helping them reach a place they didn't know they could go. I see myself as a mentor now and I'm excited to lead some of these talented young guys."

Las Vegas sports books quickly adjusted their odds to win the 2015 championship. The Las Vegas Superbook made the Cavs the outright favorites at 3-1, while dropping the Heat's odds all the way down to 100-1. The MGM moved the Cavs down to 7-2, co-favorites with the Spurs. William Hill and the Wynn sports books both moved the Cavs to 9-2.

Two months ago, the Cavaliers could be found as high as 60-1 to win the title, but money poured in over the last three weeks after James opted out of his contract with Miami. While the majority of wagers were small in size, the MGM, Nevada's largest sports book, told ESPN.com that it took a $1,000 bet on the Cavs at 40-1. Sports book operator CG Technology said it took "some higher dollar amounts from respected guys" on the Cavs at 30-1.

Information from ESPN.com's Darren Rovell and The Associated Press was used in this report.